The New Legislation!Cyprus is finally amending its archaic property laws and allowing for owners of properties to apply for their own Title Deeds. There are many thousands of Cyprus property owners without their Title Deeds and over 130,000 applications pending.
Are Title Deeds important?Absolutely! Historically the bank who loaned the money for the land would have a lien over the land. Hence property that had been developed on this land was owned by the bank, unless the loan was fully paid!
Many issues arose from this and in particular Title Deed applications were fraught with a lack of clarity on ownership of land and propert. Especially if the developers loan or mortgage was not paid despite the "Owner" paying the property price in full to the developer!
Beaurocracy! Anybody who has bought in Cyprus will know the beaurocratic nightmares and stalling that can occur in the legal system. The new legislation clarifies the procedures, but it will still take an expert to unravel the paperwork!
If you research this subject, you will find it widely publicised, but very confusing. Our aim is to ensure owners understand the need for a professional approach to secure their Title Deeds.FAQ's